HandEX, a Hamburg, Germany-based export finance startup, raised a seed funding round of undisclosed amount.
The round was led by High-Tech Gründerfonds (HTGF), joined by angel investors Andrew Shaw, Ingo Saleck and others.
The company intends to use the funds for expanding the team and ensuring full market entry into German machine engineering field by the end of the year.
Led by co-founder and CEO Vincent Lauer, CFO Patrick Kupitz and CTO Asfandyar Malik, HandEX is using technology to make it easy for exporters and importers to access the financing they need for international trade. It facilitates and integrates the issuance of export loans and export insurance covers, including guarantees issued by the German government, for which the export credit agency Euler Hermes is mandated.
Loans originated through the HandEX platform are insured via the ‘Hermes Cover’.
The company is targeting SMEs with a mid- to long-term financing requirement of up to €5M with an initial focus on facilitating exports of German mechanical engineering companies (“Maschinenbauer”) to the LATAM region.
Once established within Germany, HandEX will expand into other European markets.